The economy is tanking; unemployment claims have topped 30 million; even optimistic analysts say it’ll take years for jobs to fully recover. So what’s happening with the housing market?
To fully understand the residential real estate market, let’s break this down into three sub-questions:
How strong was the housing market before the pandemic struck?
What’s happening now?
Where might it be going?
Here we go!
How strong was the pre-pandemic housing market?
Home values rose steadily after the Great Recession ended. From 2012–2020, home prices rose 5.8% annually, according to the US Housing Market Health Check report from Thomvest Ventures. (All stats in this article come from that report unless otherwise indicated.)